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Barclays Loan PPI

The number of cases of PPI mis-selling referred to the Financial Ombudsman Service rose dramatically by 63% in the second half of 2010. The increase saw the Ombudsman receiving up to 5,000 new complaints a week in the three closing months of the year.

The complaint increase can be blamed, at least in part, on the British Banking Associations decision to request a High Court Review of the FSA’s new guidelines regarding PPI. Whilst the judgement was pending many banks - against FSA rules - chose to place customer claims on hold. The decision allowed customers who did not receive a response to their complaint within eight weeks to refer the matter to the Ombudsman. Amongst those choosing to take their complaint to the Ombudsman were many customers making Barclays Loan PPI claims. Barclays decision not to review claims whilst the judicial review was pending ultimately contributed to it being named one of the UK’s most complained about financial institution in the second half of 2010.

The judicial review was completed in May 2011 with the High Court finding in favour of the FSA. Since the ruling was announced the largest banks have all announced they will allocate funds to pay PPI compensation. Barclays has taken the additional step; however, of announcing it will settle all Barclays Loan PPI claims made before April 20th 2011 on a ‘no-quibble’ basis. This means that customers who have made a claim during the judicial review period will automatically receive a full refund of premiums paid and 8% interest. Barclays has been quick to add the decision is a ‘goodwill gesture’ and not an admission of wrong doing. All Barclays Loan PPI claims moving forward will be dealt with, in line with FSA rules, on an individual basis.

If you have taken out a loan in the last ten years, but are unsure whether you have taken out payment protection insurance you should check your original loan agreement or a recent statement. In order to establish whether your policy was mis-sold and whether you could make payment protection insurance claims you should think about how you were sold the policy. Were you told something that later proved to be untrue or mislead in some way? Some examples of this kind of mis-selling are below:

  • Were you told you had to have the PPI?
  • Were you told it would improve your chance of being accepted for the loan?
  • Were you sold the policy without the terms and conditions or costs being fully explained?

Your policy may also have been mis-sold if you were sold the policy even though your circumstances made you unsuitable. This could either be because your circumstances meant you could not be covered or because you did not need the cover. Some examples of this are below:

  • Were you unemployed, retired or in full-time education?
  • Were you 65 or over?
  • Did you have a pre-existing medical condition?
  • Did you have cover elsewhere?
  • Were you a serving member of the armed forces or employed by the civil service?
  • Were you entitled to full sick pay from your employer?

If you believe you have been mis-sold insurance and would like to make a Barclays Loan PPI claim call our team on 0207 471 2000.

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